Displaying blog entries 1-10 of 13
You'll love this Mt. Hood getaway above Hackett Creek in Rhododendron. Perfect for full time living or vacation home on the mountain. Two bedrooms and two baths with two fireplaces! It's had a lot of recent updates including all new interior paint, new carpeting, updated counter tops, new toilets and sinks, new carport roof and more! $480.000
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If you’re thinking of buying or selling a house, you’re at an exciting decision point. And anytime you make a big decision like that, one thing you should always consider is timing. So, what does the rest of the year hold for the housing market? Here’s what experts have to say.
There are early signs housing inventory is starting to grow and experts say that should continue in the months ahead. According to Danielle Hale, Chief Economist at realtor.com:
“The gap between this year’s homes for sale and last year’s is one-fifth the size that it was at the beginning of the year. The catch up is likely to continue, . . . This growth will mean more options for shoppers than they’ve had in a while, even though inventory continues to lag pre-pandemic normal.”
Experts also agree inflation should continue to drive up mortgage rates, albeit more moderately. Odeta Kushi, Deputy Chief Economist at First American, says:
“… ongoing inflationary pressure remains likely to push mortgage rates even higher in the months to come.”
Home prices are forecast to keep appreciating because there are still fewer homes for sale than there are buyers in the market. That said, experts agree the pace of that appreciation should moderate – but home prices won’t fall. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:
“Prices throughout the country have surged for the better part of two years, including in the first quarter of 2022. . . Given the extremely low inventory, we're unlikely to see price declines, but appreciation should slow in the coming months.”
Whether you’re a homebuyer or seller, you need to know what’s happening in the housing market, so you can make the most informed decision possible. Let’s connect to discuss your goals and what lies ahead, so you can pick your best time to make a move.
Tucked away on a dead end street in Brightwood is this custom built gem of a home above the Sandy River. Two bedrooms and two baths plus den/office with bonus covered patio and hot tub. Low maintenance yard with steps to a path that takes you to your own park. The path takes you to the Sandy River and unbelievable views of surrounding Cascade foothills. This home features rare Alaskan Knotty Cedar throughout the home. You'll never want to leave this great room with vaulted ceilings, skylights and tons of windows. The gourmet kitchen with gas stove looks over the living and dining room area. Hand storage and pantry area is right next to the kitchen. Big bonus is the over sized two car garage and pull down storage to stash your toys! $725,000
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Caution, dream cabin just hit the market!
This is one of the larger cabins in the Mt. Hood National Forest on the Zig Zag River. Lots of craftsman touches and plenty of room for friends and family. Open great room with log accents. Floor to ceiling windows with lots of natural light. Three bedrooms, one bath with over 1400 square feet. Outstanding location on the Zig Zag River! Enjoy the outdoors on your huge deck! $510,000
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A recession does not equal a housing crisis. That’s the one thing that every homeowner today needs to know. Everywhere you look, experts are warning we could be heading toward a recession, and if true, an economic slowdown doesn’t mean homes will lose value.
The National Bureau of Economic Research (NBER) defines a recession this way:
“A recession is a significant decline in economic activity spread across the economy, normally visible in production, employment, and other indicators. A recession begins when the economy reaches a peak of economic activity and ends when the economy reaches its trough. Between trough and peak, the economy is in an expansion.”
To help show that home prices don’t fall every time there’s a recession, take a look at the historical data. There have been six recessions in this country over the past four decades. As the graph below shows, looking at the recessions going all the way back to the 1980s, home prices appreciated four times and depreciated only two times. So, historically, there’s proof that when the economy slows down, it doesn’t mean home values will fall or depreciate.
The first occasion on the graph when home values depreciated was in the early 1990s when home prices dropped by less than 2%. It happened again during the housing crisis in 2008 when home values declined by almost 20%. Most people vividly remember the housing crisis in 2008 and think if we were to fall into a recession that we’d repeat what happened then. But this housing market isn’t a bubble that’s about to burst. The fundamentals are very different today than they were in 2008. So, we shouldn’t assume we’re heading down the same path.
We’re not in a recession in this country, but if one is coming, it doesn’t mean homes will lose value. History proves a recession doesn’t equal a housing crisis.
Although it's hard to believe as we sit under storm clouds and record breaking rain we are approaching our fire season on Mt. Hood. After power shut downs from past fires locals are way more prepared for what will come our way. I don't know any one who doesn't own a generator. This article from Fox 12 details new rules for power shut down notifications during wildfires.
Here are tips directly from the FEMA website:
The United States Fire Administration promotes simple ways to prevent a fire from affecting your home and community, including:
Be prepared in case you need to evacuate:
Another important thing to consider is buying flood insurance. After a wildfire, flood risk increases due to the inability of charred vegetation and soil to absorb water. Rainstorms after a wildfire lead to increased runoff down slopes and into channels, streams, and rivers. Flooding after fire can be fast, severe, and include mudflows as runoff picks up debris, ash, and sediment from the burn scar. Flood insurance can protect property owners from catastrophic financial impacts of flooding following a wildfire.
Wildfires can develop and spread quickly, leaving little time to get somewhere safe. Know what to do to keep yourself, your family, and your pets safe and take steps now to protect your future.
Last updated March 17, 2021
If you’re planning to buy a home, it’s critical to understand the relationship between mortgage rates and your purchasing power. Purchasing power is the amount of home you can afford to buy that’s within your financial reach. Mortgage rates directly impact the monthly payment you’ll have on the home you purchase. So, when rates rise, so does the monthly payment you’re able to lock in on your home loan. In a rising-rate environment like we’re in today, that could limit your future purchasing power.
Today, the average 30-year fixed mortgage rate is above 5%, and in the near term, experts say that’ll likely go up in the months ahead. You have the opportunity to get ahead of that increase if you buy now before that impacts your purchasing power.
The chart below can help you understand the general relationship between mortgage rates and a typical monthly mortgage payment within a range of loan amounts. Let’s say your budget allows for a monthly mortgage payment in the $2,100-$2,200 range. The green in the chart indicates a payment within that range, while the red is a payment that exceeds it (see chart below):
As the chart shows, you’re more likely to exceed your target payment range as mortgage rates increase unless you pursue a lower home loan amount. If you’re ready to buy a home, use this as your motivation to purchase now so you can get ahead of rising rates before you have to make the decision to decrease what you borrow in order to stay comfortably within your budget.
It’s critical to keep your budget top of mind as you’re searching for a home. Danielle Hale, Chief Economist at realtor.com, puts it best, advising that buyers should:
“Get preapproved with where rates are today, but also consider what would happen if rates were to go up, say another quarter of a point, . . . Know what that would do to your monthly costs and how comfortable you are with that, so that if rates do move higher, you already know how you need to adjust in response.”
No matter what, the best strategy is to work with your real estate advisor and a trusted lender to create a plan that takes rising mortgage rates into consideration. Together, you can look at your budget based on where rates are today and craft a strategy so you’re ready to adjust as rates change.
Even small increases in mortgage rates can impact your purchasing power. If you’re in the process of buying a home, it’s more important than ever to have a strong plan. Let’s connect so you have a trusted real estate advisor and a lender on your side who can help you strategize to achieve your dream of homeownership this season.
Displaying blog entries 1-10 of 13
